Tata Digital on Thursday announced that it will acquire a majority stake in digital health company 1mg stating that it is “in line with the Tata group’s vision of creating a digital ecosystem that addresses consumer needs across categories in a unified manner.” The company did not reveal the size of the deal sources as saying that that 1MG will be valued at over $400 million and founders of 1mg will continue.

1mg started off as an online pharmacy and has since expanded into insurance, patient support program, diagnostics services, doctor discovery, and teleconsultation to customers. The company operates three diagnostics labs and is also engaged in the business-to-business (B2B) distribution of medicines and other healthcare products. Founded in 2015, it has raised over $200 million across several rounds from Corisol Holding, IFC, Redwood Global and Korea Omega Healthcare Fund, Sequoia, Maverick Ventures, Omidyar, and Kae Capital among others.

“E-pharmacy, e-diagnostics, and teleconsultation are critical segments in this ecosystem and have been among the fastest-growing segments in this space, as this sector enabled access to healthcare through the pandemic. The overall market is around $1bn and expected to grow at ~50% CAGR driven by increased health awareness among consumers and greater convenience.” – Tata Digital press release

Tata Digital on a spending spree

Tata Digital, which is a 100% subsidiary of Tata Sons, is focused on building digital businesses for the Tata conglomerate, for which it has reportedly been allocated ₹12,000 crores. Earlier in April, the company infused ₹100 crore debt funds in 1mg and indicated that it will pick a 50% stake. The two companies have been in talks since November. 1MG’s rival in e-pharmacy space, Netmeds, was acquired by Reliance in August last year.

“We are delighted to join hands with one of India’s most iconic and respected conglomerates. This marks a significant milestone in 1MG’s journey to make high-quality healthcare products and services accessible to customers across India.” — Prashant Tandon, Co-Founder & CEO, 1MG

Tata’s 1MG announcement comes a few days after it announced that it will invest up to US$75 million (₹546 crores) in CureFit, another health tech company that offers digital and offline experience in fitness, nutrition, health diagnostics, consultations, and mental well-being. Tata Digital also received government approval for acquiring a majority stake in online grocery startup BigBasket in April. Tata might add to this growing list with an investment in hyperlocal delivery platform Dunzo, according to reports that emerged on Wednesday.

Super app plan on track

With the investments in BigBasket, CureFit, 1MG, and interest in Dunzo, Tata Digital is well on track to launch its “super app.” The company first indicated its plan to launch a “super app” August 2020 and said that the app will offer users a range of services offered by the Tata Group, including food and grocery ordering, fashion and lifestyle, consumer electronics and consumer durables, insurance and financial services, education, healthcare, and bill payments.

“Each of our brand’s service 10-12-15-20 million customers. We are trying to give consumers the products and services they need. Not necessarily only the Tata brands, but more. It is an open architecture. We will have a strong loyalty program, payments engine, financial products, and other categories,” said Tata chairman,” N Chandrasekaran, chairman of Tata Group, told BusinessToday.

Tata has not yet provided a launch date for the app, but when it launches, it will face tough competition from Amazon, Flipkart, Jio, Paytm, and PhonePe’s upcoming super app

The post Tata Digital To Acquire Majority Stake In E-Pharmacy 1mg, Moves Closer To Launching Super App appeared first on The India Bizz Startup News Website.

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Virtual distribution platform onecode has raised an undisclosed amount in seed financing, led by way of early-stage challenge capital company Waterbridge ventures

Angel buyers which include former instances net chief approach officer miten sampat, haptik founder aakrit vaish, one impression founder apaksh gupta, appyhigh founder venus dhuria, in addition to rocky mohan and Siddharth Mohan of vintage monk and gourmand passport repute, additionally participated within the funding spherical.

The startup had earlier raised angel investment from the founders of dining out platform Dineout, which is owned by using times internet, part of the times organization that also publishes this newspaper.

The organization plans to use the funds to widen its consumer base, fortify technology, and to expand its group.

Onecode, based by way of manish shara and yash desai, connects new-age digital-first brands with its community of sellers to promote services and products to users who are not so tech-savvy in tier-2, tier-3, and tier-four cities.

The sellers act as a bridge among brands and clients who seek in-person interaction, training, and physical touchpoints to purchase on-line goods or services, and earn referral revenue on every transaction.

“Getting access to those segments of the market which have remained inaccessible thru the prevailing virtual channels is crucial for manufacturers in popular and d2c manufacturers particularly. One code is laying down a network of dealers at floor zero so one can take the manufacturers at once to the doorstep of customers who have in no way transacted digitally,” stated Ashish Jain, partner, Waterbridge ventures.

The company says it presently has a network of approximately 200000 dealers and tie-u. S. A. With on line manufacturers like pharmeasy, 1mg, dr vaidya’s, kaya kids, and The Man Company. It’s also in talks to onboard brands throughout categories like health, clothing, and grooming.

“one code will enchantment to brands trying other modes of selling which include 1-1 assisted sales, replicating the offline buying experience for clients,” stated onecode co-founder Manish shara.

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